Oil rig owner Borr to delay debt repayment, plans stock issue

OSLO: Oil rig operator Borr Drilling Ltd has agreed with lenders to postpone the deadline for repayment of some of its debt, and aims to raise capital through equity as it seeks to overcome a demand slump, the company said late Tuesday.

Borr, which is dual listed in Oslo and New York, reached a deal with banks as well as lender Hayfin Capital Management to push debt repayments of US$595mil into 2023 from 2022 and to ease a minimum liquidity requirement, it said.